International Cons Airlines Group IAG agrees $1.8bn secured 3 year RCF (2340T)

TIDMIAG

RNS Number : 2340T

International Cons Airlines Group

23 March 2021

IAG agrees $1.8 billion multi-borrower secured 3-year Revolving Credit Facility

International Airlines Group (IAG) announces that it has signed a Revolving Credit Facility with a syndicate of banks. The total amount available under the facility is $1.755 billion and will be available for a period of three years plus two one-year extension periods at the discretion of the lenders.

The facility is available to Aer Lingus, British Airways and Iberia, each of whom has a separate borrower limit within the overall facility. Amounts drawn would be secured against eligible unencumbered aircraft assets and take-off and landing rights at both London Heathrow and London Gatwick airports. Simultaneous with entering into this new Revolving Credit Facility, British Airways has cancelled its US dollar facility that was due to expire on 23 June 2021 and which had $786 million undrawn and available at 31 December 2020. In addition, approximately EUR400 million of facilities are due to expire undrawn by the end of March.

As a net result, the Group's total facilities have increased by nearly EUR400 million and their weighted average availability period has extended by at least 1.5 years compared to previously.

IAG continues to have strong liquidity with an estimated total as of 31 March of EUR10.3 billion, comprised of EUR7.8 billion cash, cash equivalents and interest-bearing deposits, EUR1.7 billion undrawn general facilities, including today's announced facility undrawn, and EUR0.8 billion committed aircraft financing facilities.

Stephen Gunning

Chief Financial Officer

23 March 2021

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCBUGDXIXDDGBX

(END) Dow Jones Newswires

March 23, 2021 11:42 ET (15:42 GMT)